Developers say average pricing has held up well at around £4,500 per sq ft.
Sales at the Chelsea Barracks development have passed the £1.5 billion mark, bucking the sharp slowdown in London’s luxury homes market.
The landmark comes 18 years after the 12.8-acre site between Sloane Square and the Thames was sold by the MoD for a record breaking £959 million in what was then Britain’s most expensive housing land deal in 2007.
The scheme, which has an overall development value of around £4.5 billion, is owned by Middle East developers Qatari Diar, the property development arm of sovereign wealth fund Qatar Investment Authority.
It was the subject of an extraordinary intervention from the then Prince Charles in 2009 when the future king objected to the original modernist design from Richard Rogers which was subsequently withdrawn by Qatari Diar.
The first residents moved in six years ago with prices ranging from £3.5 million to £55 million. When it is completed there will be 448 homes at the site, including affordable housing.
Richard Oakes, Chief Sales and Marketing Officer at Qatari Diar, said: “There is still quite a long way to go, but it is a great achievement. The whole of phase 1, 68 apartments, is sold out and we are 70% sold on townhouses, there’s only 4 left.” The most recently launched building , 9 Mulberry Square, is also 70% sold.